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Sunday, Oct 5, 2014

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Housewives allowed to open CPF accounts

The Straits Times | Sunday, Oct 5, 2014

We thank Mr Ng Eng Juan for his suggestion to allow housewives to open Central Provident Fund accounts, so they can receive contributions from their husbands or children ("CPF accounts for housewives"; Tuesday).

The CPF Board already allows all Singapore citizens or permanent residents, including housewives, to open CPF accounts.

In fact, for those who have not worked before, a CPF account is automatically created for them when a CPF contribution or a first top-up, such as the GST Voucher-Medisave payout (for eligible Singaporeans) or Minimum Sum top-up, is received.

CPF members can make cash or CPF top-ups for their loved ones under the Minimum Sum Topping-Up Scheme to build up their retirement savings.

Members who make cash top-ups for their loved ones can enjoy tax reliefs of up to $7,000 a year.

We have seen a steady increase in the number of top-ups made over the years.

Members can visit the CPF website (www.cpf.gov.sg) for more details.

Irene Kang (Ms)
Director, Communications Division
Central Provident Fund Board


This article was first published on October 03, 2014.
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